Insigneo Advisory Services LLC Has $669,000 Stake in The Progressive Co. (NYSE:PGR)

Insigneo Advisory Services LLC lessened its stake in The Progressive Co. (NYSE:PGR) by 45.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,791 shares of the insurance provider’s stock after selling 2,352 shares during the quarter. Insigneo Advisory Services LLC’s holdings in Progressive were worth $669,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Webster Bank N. A. purchased a new position in Progressive during the 4th quarter worth $26,000. Hager Investment Management Services LLC bought a new position in shares of Progressive during the fourth quarter valued at about $28,000. Atlantic Edge Private Wealth Management LLC grew its position in Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 41 shares in the last quarter. Valley National Advisers Inc. increased its stake in Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after buying an additional 120 shares during the last quarter. Finally, Atala Financial Inc bought a new position in shares of Progressive during the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE PGR opened at $275.82 on Thursday. The stock has a fifty day moving average of $273.44 and a 200-day moving average of $257.68. The stock has a market cap of $161.70 billion, a PE ratio of 19.15, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The Progressive Co. has a fifty-two week low of $201.34 and a fifty-two week high of $292.99.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Equities research analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. Progressive’s dividend payout ratio (DPR) is currently 2.78%.

Insider Transactions at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $275.94, for a total transaction of $2,759,400.00. Following the completion of the sale, the chief financial officer now directly owns 258,024 shares in the company, valued at $71,199,142.56. The trade was a 3.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Carl G. Joyce sold 360 shares of the business’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $276.17, for a total transaction of $99,421.20. Following the completion of the transaction, the chief accounting officer now directly owns 655 shares of the company’s stock, valued at approximately $180,891.35. This represents a 35.47 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,317 shares of company stock valued at $14,844,282. 0.34% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Roth Mkm upped their target price on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Jefferies Financial Group decreased their target price on Progressive from $327.00 to $319.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Bank of America downgraded shares of Progressive from a “buy” rating to a “neutral” rating and cut their price target for the stock from $300.00 to $287.00 in a report on Friday, April 4th. Morgan Stanley raised their price objective on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Finally, UBS Group boosted their target price on shares of Progressive from $275.00 to $285.00 and gave the company a “neutral” rating in a research note on Friday, March 14th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $283.71.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.